Press release
Infusion Pumps and Accessories Market New Technology, Application and Global Business Forecast 2017 to 2023
According to a new report published by Allied Market Research, titled, Infusion Pumps & Accessories Market, by Product, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global infusion pumps & accessories market was valued at $6,478 million in 2016, and is estimated to reach $9,512 million at a CAGR of 5.6% from 2017 to 2023.
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The accessories & disposables segment occupied the largest share in 2016, and is anticipated to continue its dominance during the forecast period, owing to high usage, applicability, and availability of disposables for infusion therapies. However, the devices & pumps segment is expected to grow at the highest CAGR from 2017 to 2023.
Gastroenterology segment occupied the largest share in 2016, and is anticipated to continue its dominance during the forecast period. However, the chemotherapy segment is expected to grow at the highest CAGR from 2017 to 2023. The utilization rate of infusion pumps for hospitals is high; however, home care segment is expected to grow at a high rate during the forecast period. This is attributed to the development of technologically advanced home-based infusion pumps.
Key findings of the Infusion Pumps and Accessories Market:
• Accessories & disposables segment accounted for around three-fourths share of the global infusion pumps and accessories market in 2016.
• Ambulatory surgical centers segment is expected to grow at a CAGR of 6.1% from 2017 to 2023.
• Diabetes segment accounted for nearly one-fifth share of the global infusion pumps & accessories market in 2016.
• North America accounted for around three-fifths share of the global infusion pumps & accessories market in 2016.
• LAMEA is expected to grow at the highest CAGR of 6.3% from 2017 to 2023
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Key players:
• Baxter International Inc.
• B. Braun Melsungen AG
• Fresenius SE & Co.
• Smiths Medical
• Johnson & Johnson
• Becton
• Dickinson and Company
• ICU Medical Inc.
• CME Medical UK Limited
• Moog Inc.
• Terumo Corporation.
North America was the leading revenue contributor to the global infusion pumps & accessories market in 2016, accounting for more than half of the share. This is attributed to the early approval of infusion pumps and high use of these devices due to rise in incidence of chronic diseases. However, Asia-Pacific is expected to grow at the highest CAGR of 6.9% during the study period, due to increase in affordability, surge in healthcare expenditure, and rise in awareness towards infusion pumps.
Analyst Review :
The adoption of infusion pumps is expected to increase due to rise in prevalence of chronic diseases such as cardiovascular disorders, cancer, gastrointestinal disorders, and diabetes. These devices provide proper delivery of medications and fluids such as nutrients, antibiotics, directly into the patient’s body in a controlled manner.
Upsurge in cases of chronic diseases and increase in prevalence of diabetes make it imperative to use infusion pumps for the treatment of that particular disorder. Moreover, high demand of home-based healthcare, numerous application of infusion pumps, rise in geriatric population, and surge in affordability in the developing economies are projected to supplement the market growth. However, stringent government regulations for the approval of devices and several products recalls due to errors while delivering the fluids are expected to impede the market growth.
The use of infusion pumps and their associated accessories is highest in North America, owing to increased adoption of pumps and heavy expenditure by the government on healthcare, followed by Europe and Asia-Pacific. In addition, infusion pumps providers and distributors have focused on expanding their presence in the emerging economies, which is anticipated to drive the market growth.
North America was the leading revenue contributor to the global infusion pumps & accessories market in 2016, accounting for more than half of the share. This is attributed to the early approval of infusion pumps and high use of these devices due to rise in incidence of chronic diseases. However, Asia-Pacific is expected to grow at the highest CAGR of 6.9% during the study period, due to increase in affordability, surge in healthcare expenditure, and rise in awareness towards infusion pumps.
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Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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